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Noddle - no longer in debt but credit rating has gone down...
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dads_albums
Posts: 19 Forumite
Colour me confused....
Recently came to the end of a DMP and got everything paid off. Yay!
Checked my Noddle Account today and my credit rating has actually dropped. Booooh!!!
Can anyone explain how that works?!!!!
Recently came to the end of a DMP and got everything paid off. Yay!
Checked my Noddle Account today and my credit rating has actually dropped. Booooh!!!
Can anyone explain how that works?!!!!
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Comments
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Yes. It works like that because the score is meaningless and bounces about on a regular basis for no good reason.
Ignore it.0 -
I can explain yes:
They're made up
What noddle/experian/equifax "score" you is meaningless, that "score" is not seen by anyone but you, lenders do not see it (they have their own reports and will score you themselves). Just concentrate on being responsible (as lenders would see it), pay off your bills on time and the way lenders will see you will improveSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
Thanks for that, so it's a load of old tripe!!0
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Mostly, yes.Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
They have to give you some sort of motivation to pay for "Noddle Improve".0
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dads_albums wrote: »Can anyone explain how that works?!!!!
Yes, the numbers are randomly generated and then used in an attempt to get people to sign up to subscription services offered by the credit reference agencies so that you can then 'improve' this fictitious score.0 -
Hi Dads_albums
Exactly the same thing happened to me. Like Mulder and MEM I figure it is a con to try and get you to sign up for their improve service.
LDg0 -
Some agencies record the unused credit margin up to the limit as still available for new spending, even if the account has been in an arrangement and the last card has expired.
Thus when the account is closed, your available credit supposedly drops and what you are still using on your current card is a higher proportion of the now lower aggregate of all the limits.
Not very logical, but there it is. Clearscore does exactly that for repayment arrangement that isn't officially defaulted, not sure about others, but Noddle certainly also shows such as account as current rather than closed.0
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